Bitcoin mining club kenya
Like Ms Mugambi, more than 1, Kenyans are betting big on the unregulated, global digital currency craze and putting tens of millions of shillings at stake in pursuit of outsize gains. Bitcoin and Ethereum, whose values have skyrocketed in the past 10 months, are the digital currencies of choice for the Kenyan traders. Bitcoin is a trust-based, digital currency that is not backed by any government or underlying asset, but commands its value from scarcity and universal tradeability.
Each member pays a minimum of Sh70, for membership and a starter trading deposit, which translates to a conservative minimum of about Sh70 million invested in the little-understood digital currency. The Kenyan traders have formed clubs to pool their resources and invest in Bitcoins, mainly to do what is known in cryptocurrency lingo as mining. She is also a member of the AchieversKlub Kenya that is affiliated to global mining unit BitClub Network that has its main facility in Iceland.
Mining involves setting up powerful computer processors that are used to verify global Bitcoin transactions — based on an online digital register— and in return the person is issued a certain number of Bitcoins in exchange. It is the primary means for issuance of new Bitcoins into the market and it also plays the role of the central exchange for the currency. The initial joining fee of Sh70, covers membership fee and one share, from which the new member starts earning a slice of the mining income of BitClub Network, which has , members drawn from 90 countries.
Those bringing in new members also earn a commission. In Kenya, the idea of a referral for commission raises comparisons with multi-level marketing or pyramid schemes, the latter having caused untold pain to the public.
The digital currency wave has had its doubters, among them central banks and several prominent business leaders globally. The CBK issued a public notice in December warning the public to desist from transacting in virtual currencies. Like many of its peers globally, the CBK pointed to the fact that these currencies carry heavy risk due to their lack of regulation and backing by an underlying asset, warning consumers they would lose their money without having any legal redress in the event these exchanges collapse or close business.
The regulator had not responded to the Business Daily 's queries on Bitcoin trading in Kenya by the time of going to press. Mining is big in kenya, you probably not from Kenya or don't know what you are talking about. There are a lot of people mining different cryptocurrencies. I used to mine as well. The greatest miner in sub-saharan Africa is from Kenya. The guy has been featured in many tech companies and news portals like Bloomberg and CNN, just to name a few.
It's a lucrative business with the right hardware. Just a further note - not only is the equipment expensive here, electricity is done by prepayment at severely high rates and solar electricity is very rare , so mining is out for most people. There are a few people mining, some as enthusiasts. You are on point. Cryptocurrency in Kenya is now picking up. People are taking interest of it. Meet serious business people and entrepreneurs here who trade on Bitcoin: I am in steem joined today, its frustrating to buy bitcoin from kenya.
Just like with every market or service in Kenya, everyone "knows a guy" who does everything from picking up empty gas cylinder for refilling to washing clothes. The easiest way to get Bitcoins in Kenya is through what are called "trusted dealers". For those who don't know any, legitimacy questions are handled via online communities. It is trading based on community trust and even if one person tried to hijack the system, within no time they are flagged as cons. Alot has changed, bitcoin has started to gain track , despite the hurdles of buying coins, Kenyans are coming up with ways of going round the hurdles and actually trade in bitcoin and other cryptocurrencies.
Totally, mainstream acceptance, even bankers and anti-technology crowds are coming to terms with the opportunity it presents. The Kenyan CBK has commented on it several times; https: Although any government wouldn't want competition to its currency, especially not from within.
It's hardly surprising to learn that Safaricom will be against Bitcoin and crypto as a whole. It's akin to turkeys celebrating christmas.